Two Sigma Investments LP Reduces Stock Holdings in Reliance, Inc. (NYSE:RS)

Two Sigma Investments LP cut its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 67.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,260 shares of the industrial products company's stock after selling 45,141 shares during the period. Two Sigma Investments LP's holdings in Reliance were worth $5,994,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in RS. Coppell Advisory Solutions LLC raised its position in Reliance by 224.6% during the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company's stock worth $49,000 after acquiring an additional 128 shares during the period. Transce3nd LLC acquired a new position in Reliance during the fourth quarter worth $58,000. Quarry LP raised its position in Reliance by 83.7% during the fourth quarter. Quarry LP now owns 259 shares of the industrial products company's stock worth $70,000 after acquiring an additional 118 shares during the period. Jones Financial Companies Lllp raised its position in Reliance by 1,216.0% during the fourth quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock worth $89,000 after acquiring an additional 304 shares during the period. Finally, Providence First Trust Co acquired a new position in Reliance during the fourth quarter worth $90,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, KeyCorp upped their price objective on shares of Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Reliance currently has an average rating of "Hold" and an average target price of $319.00.

Reliance Price Performance

Shares of NYSE RS traded up $0.54 during mid-day trading on Friday, reaching $292.48. The company's stock had a trading volume of 695,521 shares, compared to its average volume of 394,961. The stock has a 50-day moving average of $287.69 and a two-hundred day moving average of $289.24. The stock has a market capitalization of $15.38 billion, a P/E ratio of 18.94 and a beta of 0.91. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. Reliance, Inc. has a 1-year low of $250.07 and a 1-year high of $326.87.

Reliance (NYSE:RS - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 EPS for the quarter, beating analysts' consensus estimates of $3.66 by $0.11. The business had revenue of $3.48 billion during the quarter, compared to analysts' expectations of $3.44 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The company's quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the business earned $5.30 earnings per share. On average, equities research analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 23rd will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date is Friday, May 23rd. Reliance's dividend payout ratio (DPR) is 34.41%.

About Reliance

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.